Dot Point HSC Business Studies

Transcription

1 i Operations

2 2012 First published 2012 Private Bag 7023 Marrickville NSW 1475 Australia Tel: (02) Fax: (02) All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of. ABN

3 Introduction Verbs to Watch Contents v vi Dot Points Operations Marketing Finance Human Resources vii ix xi xiii Questions Operations 1 Marketing 43 Finance 95 Human Resources 159 Answers Operations 209 Marketing 221 Finance 235 Human Resources 253 iii Contents

4 Notes Contents iv

5 Introduction What the book includes This book provides questions and answers for each dot point in the Board of Studies syllabus for the following topics in the Year 12 Business Studies course. Format of the book The book has been formatted in the following way: 1. Main topic statement from syllabus. 1.1 Syllabus requirement First question for this syllabus requirement Second question for this syllabus requirement. The number of lines provided for each answer gives an indication of how many marks the question might be worth in an examination. As a rough rule, every two lines of answer might be worth one mark. How to use this book Completing all questions will provide you with a summary of all the work you need to know from the syllabus. You may have done work in addition to this with your teacher as extension work. Obviously this is not covered, but you may need to know this additional work for your school exams. When working through the questions, write the answers you have to look up in a different colour to those you know without having to research the work. This will provide you with a quick reference for work needing further revision. v Introduction

6 Verbs to Watch account, account for State reasons for, report on, give an account of, narrate a series of events or transactions. analyse Identify components and the relationships among them, draw out and relate implications. apply Use, utilise, employ in a particular situation. appreciate Make a judgement about the value of something. assess Make a judgement of value, quality, outcomes, results or size. calculate clarify Make clear or plain. classify Arrange into classes, groups or categories. compare Show how things are similar or different. construct Make, build, put together items or arguments. contrast Show how things are different or opposite. critically (analyse/evaluate) Add a degree or level of accuracy, depth, knowledge quality to an analysis or evaluation. deduce Draw conclusions. State the meaning of and identify essential qualities. demonstrate Show by example. describe Provide characteristics and features. discuss Identify issues and provide points for and against. distinguish Recognise or note/indicate as being distinct or different from, note difference between things. evaluate Make a judgement based on criteria. examine Inquire into. explain Relate cause and effect, make the relationship between things evident, provide why and/or how. extract Choose relevant and/or appropriate details. extrapolate Infer from what is known. identify Recognise and name. interpret Draw meaning from. investigate Plan, inquire into and draw conclusions about. justify Support an argument or conclusion. outline Sketch in general terms; indicate the main features. predict Suggest what may happen based on available data. propose Put forward a point of view, idea, argument or suggestion for consideration or action. recall Present remembered ideas, facts or experiences. recommend Provide reasons in favour. recount Retell a series of events. summarise Express concisely the relevant details. synthesise Put together various elements to make a whole. Verbs to Watch vi

7 Operations Dot Point Page Dot Point Page 1. Role of operations management Strategic role of operations 3 management cost leadership, good/service differentiation. 1.2 Goods and/or services in 5 different industries. 1.3 Interdependence with other 6 key business functions Globalisation, technology, quality 7 expectations, cost-based competition, government policies, legal regulation, environmental sustainability. 2.2 Corporate social responsibility Legal compliance and ethical 11 responsibility. 2.4 Environmental sustainability and 12 social responsibility. 3. Operations processes Inputs Transformed resources (materials, 15 information, customers). 3.3 Transforming resources (human 16 resources, facilities). 3.4 Transformation processes. 17 variation in demand and visibility (customer contact). 3.6 Sequencing and scheduling 20 Gantt charts, critical path analysis. 3.7 Technology, task design and process 22 layout. 3.8 Monitoring, control and improvement Outputs Customer service Warranties Operations strategies Performance objectives quality, 29 customisation, cost. 4.2 New product or service design and 30 development. 4.3 Supply chain management logistics, 31 e-commerce, global sourcing. 4.4 Outsourcing advantages and 33 disadvantages. 4.5 Technology leading edge, established Inventory management advantages 36 and disadvantages of holding stock, 4.7 Quality management quality control, 38 quality assurance, quality improvement. 4.8 Overcoming resistance to change 39 equipment, redundancy payments, retraining, reorganising plant layout, inertia. 4.9 Global factors global sourcing, 41 economies of scale, scanning and learning, research and development. Answers to Operations 209 vii Operations

8 Notes Operations viii

9 Marketing Dot Point Page Dot Point Page 1. Role of marketing Strategic role of marketing goods 45 and services. 1.2 Interdependence with other key 46 business functions. 1.3 Production, selling, marketing 47 approaches. 1.4 Types of markets resource, industrial, 48 intermediate, consumer, mass, niche. 51 psychological, sociocultural, economic, government. 2.2 Consumer laws Deceptive and misleading advertising Price discrimination Implied conditions, warranties Ethical truth, accuracy and good 57 taste in advertising. 2.7 Products that may damage health Engaging in fair competition Sugging Marketing process Situational analysis SWOT, 61 product life cycle. 3.2 Market research Establishing market objectives Identifying target markets Developing marketing strategies Implementation, monitoring and 70 forecast, comparing actual and planned results, revising the marketing strategy. 4. Marketing strategies Market segmentation, product/service 71 differentiation and positioning. 4.2 Products goods and/or services Branding Packaging Price including pricing methods 76 cost, market, competition-based. 4.6 Pricing strategies skimming, 77 penetration, loss leaders, price points. 4.7 Price and quality interaction Promotion Elements of the promotion mix 80 advertising, personal selling and relationship marketing, sales promotions, publicity and public relations The communication process 81 opinion leaders, word of mouth Place/distribution Distribution channels Channel choice intensive, selective, 84 exclusive Physical distribution issues transport, 85 warehousing, inventory People, processes and physical evidence E-marketing Global marketing Global branding Standardisation and customisation Global pricing Competitive positioning. 93 Answers to Marketing 221 ix Marketing

10 Notes Marketing x

11 Finance Dot Point Page Dot Point Page 97 solvency. management. 1.5 Interdependence with other key business 101 functions Debt short-term borrowing (overdraft, 105 commercial bills, factoring). 2.4 Debt long-term borrowing (mortgage, 106 debentures, unsecured notes, leasing). 2.5 Equity ordinary shares (new issues, 109 rights issues, placements, share purchase plans), private equity. 2.6 Financial institutions banks, investment 110 funds, life insurance companies, unit trusts and the Australian Securities Exchange. Securities and Investments Commission, company taxation. outlook, availability of funds, interest rates. 115 and disavantages of each. to business purpose. statement, income statement, balance sheet. 3.5 Financial ratios Liquidity current ratio 130 (current assets current liabilities). 3.7 Gearing debt to equity ratio 132 (total liabilities total equity). sales); return on equity total equity). expenses sales), accounts receivable turnover ratio (sales accounts receivable) Comparative ratio analysis over 138 different time periods, against standards, with similar busineses. normalised earnings, capitalising expenses, valuing assets, timing issues, debt repayments, notes to 4. Financial management strategies Distribution of payments, discounts 145 for early payment, factoring. 4.4 Working capital management Control of current assets 147 cash, receivables, inventories. 4.6 Control of current liabilities 148 payables, loans, overdrafts. 4.7 Strategies leasing, sale and 149 lease back. cost centres, expense minimisation Revenue controls marketing objectives Exchange rates Interest rates Methods of international payment 156 payment in advance, letter of credit, clean payment, bill of exchange Hedging and derivatives. 157 Answers to Finance 235 xi Finance

12 Notes Finance xii

13 Human Resources Dot Point Page Dot Point Page 1. Role of human resource management Strategic role of human resources Interdependence with other key 162 business functions. 1.3 Outsourcing human resource functions 163 and using contractors (domestic, global) Stakeholders employers, employees, 165 employer associations, unions, government organisations, society. 2.2 Legal the current framework The employment contract common 170 law (rights and obligations of employers and employees). 2.4 Minimum employment standards, 171 minimum wage rates, awards, enterprise agreements, other employment contracts. 2.5 Occupational health and safety 173 and workers compensation. 2.6 Anti-discrimination and equal 174 employment opportunity patterns, living standards Ethics and corporate social 180 responsibility. 3. Processes of human resource 181 management 3.1 Acquisition Development Maintenance Separation Strategies in human resource 189 management 4.1 Leadership style Recruitment internal or external, Training and development current 192 or future skills. 4.5 Performance management 193 developmental or administrative. 4.6 Rewards monetary and non-monetary, 194 individual or group, performance pay. 4.7 Global costs, skills, supply Workplace disputes resolution 197 negotiation, mediation, grievance procedures, involvement of courts and tribunals. 5. Effectiveness of human resource 203 management 5.1 Indicators Corporate culture Benchmarking key variables 205 changes in staff turnover, absenteeism, accidents, level of disputation, worker satisfaction. Answers to Human Resources 253 xiii Human Resources

14 Notes Human Resources xiv

15 DOT POINT 1 Operations

16 Notes Operations 2

17 1. Role of operations management. Role of the operations function Production Production controls Supply chain management Quality controls Logistics Inventory controls 1.1 Strategic role of operations management Outline the relationship between value adding and operations processes List six aspects of the operations role Referring to an example, explain how decisions made in the operations function can affect each key business function Operations

18 1.1.7 Classify the following types of cost as either input costs (IC), production costs (PC), stock costs (SC), labour costs (LC) or quality control costs (QC) Costs of machinery ( ) Costs of quality testing ( ) Costs of wages ( ) Costs of storage ( ) Repairs to machinery ( ) Electricity and water costs ( ) Costs of shrinkage ( ) Warranty costs ( ) Overtime costs ( ) Costs of testing machinery ( ) Supplier rationalisation Economies of scale Distinguish between goods and services Explain the term differentiation with respect to services Describe how goods can be differentiated. Operations 4

19 1.2 Goods and/or services in different industries Referring to two examples distinguish between standardised and customised goods Explain how services can be standardised Distinguish between perishable and non-perishable goods Outline the notion of perishability with respect to services Describe why self-service is increasingly encouraged in the delivery of services. 5 Operations

20 1.3 Interdependence with other key business functions. Operations management Business goals Marketing (and sales) Human resources management Finance and accounting Other business functions (IT, R&D) Identify four key functions of business Operations Marketing Finance Human resources management Explain the importance of a systems approach to understanding the interdependence of key business functions. Operations 6

21 2. Influences on operations. 2.1 Globalisation, technology, quality expectations, cost-based competition, government policies, legal regulation, environmental sustainability. Technology Globalisation Quality expectations Environmental sustainability Influences on operations management Cost-based competition Legal regulation Government policies Describe how globalisation can affect each of the following aspects of operations. Sourcing of product Location of manufacturing Need for innovation Need to protect intellectual property 7 Operations

22 2.1.3 Distinguish between technologies used in administration and those used in manufacturing Explain how quality expectations shape the operations function Describe how cost can affect price Outline the effect of a low-cost business on competitors. Operations 8